Doubts have emerged over the future leadership of a second UK regulator, the Takeover Panel, after the candidate due to take over as director general withdrew his candidacy following criticism of a deal his bank worked on.

The Takeover Panel today criticised Kraft, the US food company that bought the UK's Cadbury, and said its lead adviser Lazard failed to fully discharge its responsibilities, in a move that has led Peter Kiernan, the Lazard managing director due to become the panel's director general, withdrawing his candidacy.